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Cambrex completes $252M acquisition of Avista Pharma

Cambrex Corp. completed the $252 million acquisition of Avista Pharma Solutions, a contract development, manufacturing and testing company backed by healthcare-focused private equity firm Ampersand Capital Partners.

East Rutherford, N.J.-based life sciences company Cambrex said the acquisition adds early-stage development capabilities for both active pharmaceutical ingredients and finished dosage form, as well as analytical testing services.

Cambrex's President and CEO Steve Klosk said the acquisitions of Avista and Halo Pharma Inc. allows the company to offer an integrated service offering for most small molecules from the pre-clinical stage through the commercial stage. Cambrex had acquired privately held Halo for about $425 million in September 2018.

Cambrex said the acquisition of Avista was funded with a combination of cash on hand and debt. The company entered a new credit financing, which replaces its prior facility, includes a five-year $200 million term loan and a $600 million revolving credit facility.